Ann: Appendix 4D and Half Year Accounts, page-70

Read annexure A of the statement of reasons, DO IT FOR YOURSELF not for me or to argue with me. Almost all of the payments were from completely unknown third party entities.The payments were also in "piecemeal". The payments were not from the customers. By the way you should also read annexure B of the statement of reasons and learn about the quality of the customers, DO IT FOR YOURSELF not for me or to argue with me. The crux of it, I think, is that the payments, which were tied to the performance shares, are irreconcilable and will continue to be so. To my eye,technically the customers had never paid for the products/services.

Not only that, ISX also has been unable to show what the products and services were because everything was subcontracted and outsourced to a "no name" third party in some distant land, which makes it difficult for others, like the ASX or even maybe ASIC, to verify. To verify not only the services/products but also whether the sub contractors have actually existed. ISX also has not been able to show where the product and services were deployed to. Those factors are in play additional to the"irreconcilable" payments from completely unknown sourcesaforementioned.

So all in all, the way I see it,the products/services are unverifiable and almost all were never paid for by the customers who supposedly had received the said products/services. I don't think anyone had ever seen the product and in action in any way, shape or form, beyond ISX themself supposedly.

My conclusion:

So I think the FUBAR situation is why the suspension is ongoing. Becausethe performance shares hurdles were essentially met through irreconcilable payments for unverifiable products/services for unaccountable customers (some being verified scammers).